Can You Work With Multiple Real Estate Agents? The Answer Might Surprise You: MABA Massachusetts RealEstate HomeOwnership

 Some people like playing the field, at least when it comes to real estate agents. These folks believe you’ll cover far more ground if multiple agents are looking for your next home. But is working with more than one real estate agent a winning strategy or is it straight-up wrong and maybe even illegal? In the interest of expediting your home search, we looked into whether working with multiple real estate agents is actually worthwhile plus, what it means when you commit to one and what to do if you realize you chose wrong.

Can a homebuyer work with multiple real estate agents?

 The short answer is yes: You can work with multiple real estate agents under certain circumstances. Working with more than one real estate agent is fine when you haven’t signed an exclusive agreement with anyone, says Adam Aguilar, a real estate agent with Reliantra in West Toluca Lake, CA. “You can use as many as you wish, unless they stop to ask you to make a commitment to them, in writing,” Aguilar adds.

 Ultimately, if you are going to speak with multiple agents, transparency is key. “If you are simply asking an opinion of another broker, and you have disclosed that you are already working with another broker, it should not be a problem,” says Joyce Mitchell of Locations Montana Real Estate in Bigfork, MT.

What to know about signing a contract with a real estate agent

 In terms of a commitment, that comes in the form of a buyer-broker agreement, a contract your agent will ask you to sign in the early stages of your relationship. While agreements vary between brokerages, they generally state that you and the agent both agree to an exclusive working arrangement for a period of time, typically six months.

 Once you sign a buyer’s agent agreement, you are legally obligated to work with that agent. So, it’s wise to read this document carefully. If you try to switch to a different agent during this period without canceling this contract, you could land in legal hot water.

Why real estate agents generally demand exclusivity

 Unlike most professions with steady paychecks, real estate agents usually get paid only by commission in other words, a cut of the real estate deal if it goes through. So when showing you properties, answering your questions, and negotiating on your behalf, an agent is essentially working for free.

 That’s why exclusivity agreements are critical for agents without them, there is no guarantee they will get paid for their work. And even worse, without this agreement, it leaves the door open for a buyer or seller to switch to another agent right before closing a nightmare for agents who spent weeks on a deal only to realize they won’t get compensated!

Other reasons to think twice about working with multiple real estate agents

 Just because you can do something, doesn’t mean you should. As it turns out, working with multiple real estate agents isn’t as clever a strategy as you might have thought. You probably won’t find your dream home any faster by asking multiple agents to search listings for you. Why?

“All real estate agents have access to the same information through their multiple listing services,” says Beverley Hourlier, an agent with HC Realty in San Diego. Plus, “if you work with more than one real estate agent, chances are none of them will put forth much effort because you may purchase through another agent. They will work harder for you when they know they will eventually get paid for their efforts.”

 It’s in your best interest to do your research and choose one real estate agent who meets your needs, adds Alex Cortez of Island Sotheby’s International Realty in Makawao, HI. “Consulting around without an honest intent to work with an agent will result in mediocre results,” Cortez says. Most agents agree that there is little upside to not committing to one professional to take you all the way through your homebuying journey.

Why you should interview multiple real estate agents before committing to one

 Choosing a real estate agent to work with is one of the most important decisions you’ll make during your buying or selling journey. After all, this is the person who will serve as your first line of defense for finding your dream property or selling your home for top dollar.

 Because of the considerable amount of time you’ll spend with your agent, it’s essential to find someone that you click with someone you could even see yourself being friends with. But don’t forget: This is a mutually beneficial business relationship. The person you select will benefit directly when you buy or sell a home, so you want to make sure your agent has your best interest at heart and isn’t trying to make a quick buck.

When it makes sense to work with more than one real estate agent

 If you’re searching for a home in two different locations, you can rationalize working with two different agents. If that’s the case, you should notify both real estate agents and make sure your buyer-broker agreement reflects that arrangement, says Mitchell.

What if I don’t like my real estate agent?

 You followed all the rules: You interviewed multiple real estate agents, you settled on a favorite, and you even signed an exclusivity contract only to realize it might not be a good fit after all. The first step is to have an honest conversation with your agent, where you will ask to cancel the contract. Because you both signed a legally binding document, you will need the agent’s agreement in order to officially terminate. In other words, don’t work with a new real estate agent until you get your current contract sorted out.

 If you haven’t signed an exclusivity contract, we still recommend talking with your agent. (No one wants to be ghosted!) However, you won’t need to worry about terminating an agreement. Here’s more on how to terminate a buyer’s agent contract.

Adriana Velez contributed to this article.

The post Can You Work With Multiple Real Estate Agents? The Answer Might Surprise You appeared first on Real Estate News & Insights | realtor.com®.

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